InterviewSolution
Saved Bookmarks
InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your Class 11 knowledge and support exam preparation. Choose a topic below to get started.
| 1351. |
X 10,20,30,40Frequency 2,4,10,4 obtain median |
| Answer» | |
| 1352. |
From ogive we get |
| Answer» | |
| 1353. |
Write the importance of statistics in economics? |
| Answer» \tQuantitative expression of economic problems:\xa0Statistics is an essential tool for an economist to understand the problems of an economy through quantitative data. Example: The problem of poverty in India can be quantitatively expressed as there is a substantial decline in poverty ratios in India from 55% in 1973to 36% in1993.\tInter-sectoral and inter-temporal comparisons:\xa0This quantitative data is further used to make inter-sectoral comparison ,i.e. across different sectors of the economy and inter-temporal comparisons ,i.e. over different plan periods of the rural and urban unemployment.\tCause and effect relationship:\xa0Different sets of data are used to find the cause and effect relationship. This enables policy makers to formulate policy to solve the problem of an economy.\tEconomic equilibrium:\xa0Statistical data helps economists to understand the behaviour of the producer and consumer in the market. Example: How the producer choose sthe combination of inputs to produce the goods to maximise their profit.\tDeveloping economic theories:\xa0This also facilitates economists to develop theories as how the prices of goods vary in relation to the demand for the product.\tForecasting:\xa0Statistical data are useful to forecast the changes in the factors which influence other factors. This information enables economists to formulate polices and suggestions to overcome the problem.\tFormulation of policies:\xa0Statistical data is essential for formulating policies of economic development. Example: If the government wants to formulate or modify labour laws, then it will require statistical data on working conditions, number of working hours and minimum wages received by workers. | |
| 1354. |
Difference between a discrete and continuous variable with example |
| Answer» \tBasis of ComparisonDiscrete VariableContinuous VariableMeaningA variable with a limited number of values which are isolatedIs characterized by variables with unlimited number of ranging valuesValuesCountableMeasurableRange of specified numberComplete or wholeIncompleteRepresented byLone points on a graphLinked pointsClassificationDo not overlapOverlappingAssumesSeparate or distinct valueA value between a range\t | |
| 1355. |
Define data.what is the main source of data |
| Answer» Data is the information in the inexperienced or disordered information such as letters, symbols, or numbers that apply to, or picture, positions, opinions, or objects. Primary, or "statistical" are the kind of data that are managed essentially for producing official statistics and introduce analytical surveys and statistics. Statistical specialists relate to data that are managed for some certain expectations and include statistics and officially transferred reviews. Non-statistical references refer to the data that are obtained for other regulatory expectations or the individual sector. | |
| 1356. |
Chapter 1 all questions answer Economics |
| Answer» | |
| 1357. |
How many type of dispersion |
| Answer» | |
| 1358. |
Explain the difference between the increase in supply and increase in quantity of supply |
| Answer» \tChange in SupplyChange in Quantity SuppliedMeaningWhen supply due to the change in all other variables other than the price of a good (i.e. price of the good remains same), then it is referred as change in supply.When supply changes due to change in the price of goods only, assuming other determinants remaining unchanged, then it is referred as change in quantity supplied.FunctionsIt is represented as Qx\u200b=f(Pˉx\u200b,Py\u200b,Pi\u200b,T,G,GF\u200b,NF\u200b) It is represented as Qx\u200b=f(Px\u200b,Pˉy\u200b,Tˉ,Pˉi\u200b,Gˉ,Gˉf\u200b,NˉF\u200b)Shifts & MovementsIt results in a shift in the supply curve of the firm which can be rightwards or leftwards. It results in a movement of the supply curve of the firm which can be upward or downward.Types:The following are its types: 1) Increase in Supply 2) Decrease in Supply The following are its types: 1) Expansion of Supply 2) Contraction of Supply\t | |
| 1359. |
Write about sustainable development in 1000 words |
| Answer» Sustainable development\xa0is a way for people to use resources without the resources running out. ... The term used by the Brundtland Commission defined it as\xa0development\xa0with\xa0sustainability\xa0that "meets the needs of the present and also compromising the ability of future generations to meet their own needs."\xa0Sustainable development\xa0is the idea that human societies must live and meet their needs without compromising the ability of future generations to meet their own needs. ... Specifically,\xa0sustainable development\xa0is a way of organizing society so that it can exist in the long term. | |
| 1360. |
what\'s NSS? |
| Answer» National Service Scheme, Popularly known as\xa0NSS\xa0is an extension of activities to the higher education system to orient the student youth to community service while they are studying in education institutions, under the aegis of Ministry of Youth Affairs & Sports, Govt. of India. | |
| 1361. |
Explain the process to select of 5 student from the 25 student by random method |
| Answer» | |
| 1362. |
A consumer consumes only two goods. explain his equilibrium with the help of utility approach. |
| Answer» A consumer is in a state of equilibrium when he maximizes his satisfaction by spending his given income on different goods and services. Any deviation or change in the allocation of income under the given circumstance will lead to a fall in total satisfaction.For two-commodity case: Rupee worth of marginal utility of money should be same across good X and good Y, and equal to marginal utility of money.Condition 1 : MU(of good X)/ Price of good X = MU(OF GOOD Y)/ Price of good Y = MU(of money)\xa0Reason: In case rupee worth of satisfaction (MU of good X/ price of good X) is greater for good X than good Y, the consumer will be prompted to buy more of good X and less of good Y. This would lead to a fall in marginal utility of good X and a rise in marginal utility of good Y. This process would continue till\xa0MU(of good X)/ Price of good X = MU(OF GOOD Y)/ Price of good Y = MU(of money) . In case rupee worth of satisfaction (MU of good y/ price of good Y) is greater for good Y than good X, the consumer will be prompted to buy more of good Y and less of good X. This would lead to a fall in marginal utility of good Y and a rise in marginal utility of good X.Condition 2: Marginal utility of money remains constant.Condition 3: Law of marginal utility holds good. | |
| 1363. |
Q-List the sector of an economy on the basis of economic units incurring final expenditure |
| Answer» A\xa0sector\xa0is an area of the\xa0economy\xa0in which businesses share the same or a related product or service. It can also be thought of as an industry or market that shares common operating characteristics. Dividing an\xa0economy\xa0into different\xa0sectors\xa0allows for more in-depth analysis of the\xa0economy\xa0as a whole. A four-sector model of economy includes households, businesses,\xa0government, and foreign trade. In four-sector economy,\xa0exports\xa0are the injections in the national income, while import act as leakages or outflows of national income. | |
| 1364. |
Define weighted mean |
| Answer» Weighted Mean is an average computed by giving different weights to some of the individual values. If all the weights are equal, then the weighted mean is the same as the arithmetic mean.It represents the average of a given data. The\xa0Weighted mean is similar to the arithmetic mean or sample mean. The\xa0Weighted mean is calculated when data is given in a different way compared to the arithmetic mean or sample mean.Weighted means generally behave in a similar approach to arithmetic means, they do have a few counter-instinctive properties. Data elements with a high weight contribute more to the weighted mean than the elements with a low weight.The weights cannot be negative. Some may be zero, but not all of them; since division by zero is not allowed. Weighted means play an important role in the systems of data analysis, weighted differential and integral calculus.<br>A weighted mean its a kind of average. Instead of each data point contributing equally to the final mean, some data point contribute more "weight" than others. If all the weight are equal, than the weighted mean equals to arithmetic mean. | |
| 1365. |
What does\' nature of economy\' mean? |
| Answer» Economic was regarded as a social science because it use scientific methods to build theories that can help explain the behaviour of individuals, group and organization.Economic attempts to explain economic behaviour, which arises when scarce resources are exchange. | |
| 1366. |
What is the relation between total utility and marginal utility? |
| Answer» Thanks for telling<br>Relation: total utility is the summation of marginal utility.Total utility is the sum total of utility derived from the consumption of all the units of a commodity. To illustrate, if 2 units of a commodity are consumed and 1st unit yields satisfaction of 10 utils, while 2nd unit yields satisfaction of 9 utils, then total utility is 19 utils.Marginal utility refers to additional utility obtained from the consumption of an additional unit of a commodity. To illustrate, if 10th unit yields satisfaction of 100 utils, while 11th unit yields satisfaction of 105 utils, then marginal utility derived from the 11 th unit is 5 utils. | |
| 1367. |
Secondary data |
| Answer» Secondary data\xa0refers to\xa0data\xa0that is collected by someone other than the user. Common sources of\xa0secondary data\xa0for social science include censuses, information collected by government departments, organizational records and\xa0data\xa0that was originally collected for other research purposes.\xa0Secondary data\xa0means\xa0data\xa0that are already available i.e., they refer to the\xa0data\xa0which have already been\xa0collected\xa0and analysed by someone else. When the researcher utilises\xa0secondary data, then he has to look into various sources from where he can obtain them.\xa0Primary data:\xa0Data\xa0collected by the investigator himself/ herself for a specific purpose. Examples:\xa0Data\xa0collected by a student for his/her thesis or research project. ...\xa0Secondary data:\xa0Data\xa0collected by someone else for some other purpose (but being utilized by the investigator for another purpose). | |
| 1368. |
Choice is the outcome of ____________ .( Scarcity/ decision making) |
| Answer» Scarcity<br>Sorry<br>Wrong your answer right answer is Scarcity<br>Choice is the outcome of decision makingA chocie has to be made to produce/consume any good which gives maximum satosfaction with the available limited resources. | |
| 1369. |
To explain the science of wantlessness |
| Answer» Professor Mehta has considered the need of human beings as infinite in his principle of wantlessness, in which the second requirement is immediately born when one requirement is met. This is the situation of unconscious needs. A person who has never heard of something nor has ever seen it, will certainly not need the consciousness to see it nor he will feel pain in his heart if he does not obtain it.According to Mehta, the given wantlessness principle does not apply to this unconscious need. Man’s needs grow with his income. The needs of a wealthy person will be higher than the requirement of a poor person. That means, the poor person is looking for adequate means to fulfill one of his needs, and after its fulfillment, he gets the feeling of pleasure in the same. Mehta’s wantlessness principle does not apply in every area altogether. It applies only to the person’s essential needs. | |
| 1370. |
What is the difference between inferior goods and substitute goods? |
| Answer» Substitute goods are the goods which are used in place of one another. For example, tea and coffee, coke and pepsi. On the other hand, complementary goods are the ones which are used together or the goods complement the use of one another. For example, car and petrol, pen and ink.A rise in income of the consumer leads to an increase in demand for the commodity and vice-versa in case of normal goods whereas a rise in income of the consumer leads to a fall in demand for the commodity and vice-versa in case of inferior goods.Example :- Toned milk is an example of inferior good\xa0 | |
| 1371. |
How to find market demand |
| Answer» To get the market demand,we simply add together the demands of the two households at each price . For example, when the price is$5, the market demand is 7 chocolate bars (5 demanded by household 1and 2 demanded by household 2) | |
| 1372. |
What is demand curve and demand function? |
| Answer» Demand curve is a curve that is used in Microeconomics to determine how much quantity of any particular commodity that people are willing to purchase with corresponding changes in its price.It is represented as the price of the commodity on y-axis and the quantity demanded at the x-axis in a graph.Demand function shows the relationship between quantity demanded for a particular commodity and the factors that are influencing it. | |
| 1373. |
Explain the law of diminishing marginal utility |
| Answer» Marginal utility refers to additional utility obtained from the consumption of an additional unit of a commodity. To illustrate, if 10th unit yields satisfaction of 100 utils, while 11th unit yields satisfaction of 105 utils, then marginal utility derived from the 11 th unit is 5 utils.Law of diminishing marginal utility states that as consumption increases, marginal utility tends to decline. It is known as fundamental psychological law. | |
| 1374. |
What are two approaches to attain the state of consumer equilibrium |
| Answer» There are two alternative approaches namely \'utility analysis\' approach and \'Indifference curve analysis\' approach to attain the state of consumer\'s equilibrium. | |
| 1375. |
Definition of headnote |
| Answer» | |
| 1376. |
Why should there be huge unemployment in India when scarcity of resources is a universal fact? |
| Answer» <mark>THANKS A LOT GAURAV SIR:)</mark><br>Factors of production (labour and capital) are always jointly used: Labour is combined with capital (say plant, machinery etc). In India, there is severe shortage of capital. In the absence of capital, labour cannot be used. Hence, there is huge unemployment of labour although scarcity of resources is a universal fact. | |
| 1377. |
What is microeconomics? |
| Answer» Microeconomics covers only single individual facts<br>Microeconomics is a branch of Economics that contemplate the attributes of decision makers within the economy, such as households, individuals and enterprises. The term\xa0‘firm’\xa0is generally used to refer to all sorts of business activities. Microeconomics differ from the study of Macroeconomics, which considers the economy as an entity. | |
| 1378. |
Why does PPC look concave to the origin? ? |
| Answer» PPC is concave to the origin\xa0because of increasing Marginal opportunity cost. This\xa0is\xa0because inorder to increase the production of one good by 1 unit more and more units of the other good have to be sacriced since the resources\xa0are\xa0limited and\xa0are\xa0not equally efficient in the production of both the goods. | |
| 1379. |
Given MUx=20, MUy=30,Px =4,Py= 6,Mum=5 is the consumer in the state of equilibrium |
| Answer» | |
| 1380. |
Solution for stats for economics class 11 ch 6 long question 2 tr Jain and VK ohri solution |
| Answer» | |
| 1381. |
What do you mean by distrust statistics |
| Answer» this the correct answer of economic<br>\xa0By distrust of statistics, we mean lack of confidence in statistical statements and statistical methods. In other words, distrust of statistics implies that people look upon statistics with doubt and suspicion.Following are some remarks :1. Statistics can prove or disprove anything.2. There are three types of lies : lies, damned lies and statistics.Following are the main reasons for distrust of statistics :(i) Figures are manipulated by dishonest persons to present a wrong picture of the facts.(ii) People do not really know about statistics. | |
| 1382. |
What relationship exist between mean,mode,median in case of symmetrical distribution? |
| Answer» An empirical relation exists in between mean, median and mode which is\xa0Mode\xa0= 3(Median) − 2(Mean) | |
| 1383. |
What is scarcity of resources ❓ |
| Answer» When supply of commodity is less as comparison to demand of that commodity.<br>Scarcity:\xa0Refers to limited supply of resources in the economy in relation to demand, this is due to the unlimited wants of human beings. | |
| 1384. |
What is meant by questionnaire? What is the difference between questionnaire and schedule? |
| Answer» \tQuestionnaireScheduleThe questionnaire is one of the methods used for data collection. The questionnaire will have many questions, with each question having multiple choices.\xa0The schedule is also one of the methods of data collection. It will have a set of statements, questions and space given to note down the answers.Questionnaire method of data collection is preferred when the respondents are willing to cooperate. In addition, to deploy this method the respondents need to be literate.The Schedule method of data collection can be utilised irrespective of the respondent’s literacy. It can be used when the respondents are literate and can be used even when the respondents are illiterate.The type of technique used in the Questionnaire method is Quantitative.The type of technique used in the Schedule method is Qualitative.In the Questionnaire method, the grouping is made on the basis of different categories like location, age, gender etc.In the schedule method of data collection, the grouping may exist or may not exist.Informants receive questionnaires through emails, posts and the answers will be given as per instructions given in the cover letter.Answers in the Schedule method of data collection are filled by research workers/enumerators.In the Questionnaire method, there is no scope for direct personal contact with the respondents.In the Schedule method, there is direct personal contact of the respondents with the enumerators.The cost incurred in the questionnaire method of data collection is economical in comparison with the schedule. The cost is less even if the sample size used is very large. Predominantly the money is spent on preparing questionnaires only.The cost incurred in the Schedule method of data collection is very expensive since there is the cost involved in preparing the schedule, cost incurred on enumerators in addition to the training imparted to them.The coverage of Questionnaire method is large as the questionnaires can even be sent to respondents who are not easily accessible.The coverage of this method is relatively small as there are constraints in sending enumerators to larger areas.\t | |
| 1385. |
Which source of data is easier to use ? give reason for your answer. |
| Answer» Primary data is easier to use because this data collect by own where as In secondary data we have to dependent on others | |
| 1386. |
How is census method better than sampling method?? |
| Answer» \tBasis of differenceCensus methodSample method1. Items to be studied1. Under census method each and every unit of the universe is studied.1. Under sample method, only some of the items which represent the population are studied.2. Suitability2. This method is suitable when the area of investigation is relatively small.2. This method is suitable where the area of investigation is wide.3. Conclusion3. In this method, conclusions are drawn on the basis of whole universe.3. In this method, conclusions are drawn on the basis of a sample.4. Time4. It is more time consuming method.4. It is less time consuming method.5. Natural of items5. Census method is particularly suitable where the items in the population have diverse characteristics.5. Sampling method is particularly suitable when items in the population are homogeneous.6. Verification6. Under census method the results of investigation is generally not possible.6. Under sampling method results can be verified by taking out another sample.7. Nature of method7. It is an old method of investigation.7. It is a new and practicable method.8. Number of enumerators8. Census method requires a large number of enumerators.8. It does not require a large number of e-\xa0umerators.9. Expensive9. It is more expensive.9. It is c\'r\xa0lparatively less expensive\'\t | |
| 1387. |
Cite is an example from everyday life where only sampling method can be used? |
| Answer» Hii<br>In statistics, quality assurance, and survey methodology, sampling is the selection of a subset of individuals from within a statistical population to estimate characteristics of the whole population. Statisticians attempt for the samples to represent the population in question. | |
| 1388. |
Write a short note on:- a)census of India |
| Answer» Census of India: Ir is responsible for the collection of data related to different demographic characteristics. Data is collected for characteristics such as\xa0birth rate, fertility rate, mortality rate, size and composition of the population etc. The information related to all aspects of the population are collected by the investigators appointed by the government. They collect information from each and every household of the country. In India, this exercise is carried after every 10 years. The data collected by the Census of India acts as a mirror for assessing the impact of various programmes and development policies initiated by the government. It also helps in identifying the improvement areas and making the future policy. The first census was conducted in the year 1872 in India and next in 1881. | |
| 1389. |
Explain the process to select a sample of 5 students from a population of 25 by random method? |
| Answer» | |
| 1390. |
What is total utility ❓ |
| Answer» Total utility is the overall satisfaction a consumer derives from the consumption of particular goods and services. Each individual unit of goods or services has a marginal utility of their own.Total utility is the sum of marginal utilities of all such individual items. | |
| 1391. |
Difference between Rendom and non-Rendom sampling |
| Answer» Random sampling refers to the method in which each of the sampling unit (units in the population) has a non-zero probability of being selected into the sample. Simple random sampling is a special case of random sampling when each of the sampling unit has equal chance of being selected.Non random sampling is a method of sampling wherein, it is not known that which individual from the population will be selected as a sample. | |
| 1392. |
Difference between Census and Sample |
| Answer» \xa0\tSr.No.Census Method (survey)Sr.No.Sample Method(1)In census survey, information is collected from each and every unit of the population.(1)In sample survey, information is collected from a few selected unit of the population.(2)It is very expensive and time-consuming.(2)It is less expensive and less time-consuming.(3)It is suitable where the field of investigation is small.(3)It is suitable where the field of investigation is large.(4)It is more accurate and reliable.(4)It is less accurate and less reliable.(5)It rules out the possibility of any personal biases.(5)It holds the chance of personal biases in the selection of samples.\t | |
| 1393. |
Ch theory of demand |
| Answer» | |
| 1394. |
What do you mean by law od demand?(6marks) |
| Answer» The Law of Demand states that other things remaining constant, the quantity demanded of a commodity expands with fall in its price and contracts with a rise in its price.So, there is an inverse relationship between price and quantity demanded of a commodity. This is explained with the help of an imaginary table and the curve which is based on imaginary data:Exceptions to the Law The law will not hold good under following circumstances:(i) Conspicuous consumption The Law of Demand will not apply in case of costly items such as diamonds. These commodities will be demanded, even if the prices have gone very high.(ii) Conspicuous necessities Certain things become the necessity of modern life, so we have to purchase these goods inspite of their price. The demand of television sets and automobiles has not gone down inspite of the increase in their price.(iii) Ignorance If the consumer is not aware of the competitive price of the commodity, he may purchase more of the commodity even at higher price. Such ignorance of the buyers makes the Law of Demand ineffective. | |
| 1395. |
Derive the expression of budget set and budget line . |
| Answer» The Budget Line, which is also known as Budget Constraint exhibits all the combinations of two commodities that a customer can manage to afford at the provided market prices and within the particular earning degree.The budget line is a graphical delineation of all feasible combinations of two commodities that can be bought with provided income and cost so that the price of each of these combinations is equivalent to the monetary earnings of the customer.A budget set refers to all those quantities of two goods that a consumer can buy, given the prices of the goods and his money income. Its equation is given by:P1.X1\xa0+ P2.X2\xa0<= M | |
| 1396. |
Monotonic preferences with example |
| Answer» | |
| 1397. |
Which source of data is easier to use ? Give reasons for your answer |
| Answer» | |
| 1398. |
scarcity refers to |
| Answer» | |
| 1399. |
What is bar diagram |
| Answer» The pictorial representation of a grouped data, in the form of vertical or horizontal rectangular bars, where the lengths of the bars are equivalent to the measure of data, are known as bar graphs or bar charts.The bars drawn are of uniform width, and the variable quantity is represented on one of the axes. Also, the measure of the variable is depicted on the other axes. The heights or the lengths of the bars denote the value of the variable, and these graphs are also used to compare certain quantities. The frequency distribution tables can be easily represented using bar charts which simplify the calculations and understanding of data. | |
| 1400. |
what does \' duty\' stand for ? |
| Answer» | |